Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Africa Finance Corporation(AFC)Hosts Inaugural Summit to Address the Scale of Africas Infrastructure Requirements and Investment Deficit   Join our daily free Newsletter

MENAFN Press - 11/03/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN Press) The Africa Finance Corporation (AFC) (http://www.africafc.org), an African-led multilateral development financial institution whose mission is to improve African economies by proactively developing and financing infrastructure assets announces details of its inaugural Summit.

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/afc.jpg

The Summit, titled: 'AFC Live: Bridging the Infrastructure Divide' responds to the need to open a dialogue to address the scale of Africa's infrastructure requirements and its investment deficit, which is conservatively estimated at over US40 billion per annum over the next ten years (1). The Summit takes place on 25 March 2014 at the Eko Hotel & Suites, Lagos, Nigeria.

The Summit will bring together African politicians, business leaders and academics for a series of lively panel discussions. Confirmed speakers include: Jim O'Neill, the economist and former Chairman of Goldman Sachs Asset Management, best known for coining the 'BRIC' and 'MINT' acronyms, as well as:

Dr. Ngozi Okonjo-Iweala, Coordinating Minister of Finance and Economy, Nigeria;

Prof. Chinedu Nebo, Minister of Power, Nigeria;

Hon. Patrick Achi, Minister of Economic Infrastructure, Cte d'Ivoire;

Hon. Cristina Duarte, Minister of Finance, Cape Verde;

Mr Jim Yong Cai, Executive Vice President and CEO, International Finance Corporation;

Mr Tony Elumelu, Chairman Heirs Holdings;

Ms. Diana Layfield, CEO Africa, Standard Chartered Bank

Dr. Nkosana Moyo, Mandela Institute for Development Studies; and

Ms. Funke Opeke, CEO Main One

The Summit is the must attend event for audiences interested in Africa's infrastructure challenges. It will discuss issues such as Africa's need to take the lead in bridging the investment divide whilst also accessing international capital as part of a joined up and holistic approach.

Commenting on the upcomingSummit, Bayo Ogunlesi, Chairman of AFC, said:

"The summit is a key opportunity to for a broad range of stakeholders, from national governments to the indigenous and international private sector and donor partners, to contribute to the development of constructive solutions to the deficit in infrastructure investment in Africa which continues to hold back economic growth on the continent."

"The Africa Finance Corporation is committed to serving as a catalyst for growth in infrastructure development in Africa, by focusing on investments in the sectors that are critical to economic growth on the continent and attracting new investment partners and country members."

Commenting on the Summit, economist Jim O'Neill, said:

"I am delighted to be participating in the AFC's inaugural summit which promises to address an important agenda. If Africa is to reach its potential as the home to some of the fastest-growing economies in the world, then infrastructure will play a vital role in making that happen. This conference provides an excellent opportunity to gather some of the most important figures in the region in order to discuss how this can be achieved. The AFC plays not just a vital role in brokering these discussions but also in financing and advising some of most transformative infrastructure projects on the continent."

Key sessions at the Summit will include:

'Building the New Africa “ action plan for the next decade'

Panel 1: power sector

Panel 2: transport sector

Panel 3: natural resources

(1) The World Bank estimates Africa's infrastructure deficit at US38 billion of investment per year, with a further US37 billion per year required in operations and maintenance. This represents c.12% of Africa's current GDP.

Distributed by APO (African Press Organization) on behalf of the Africa Finance Corporation (AFC).

For programme details and to register email: afc@bell-pottinger.com

About the AFC:
AFC (http://www.africafc.org) is an African-led multilateral development financial institution, established in 2007, whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa. AFC's current authorized share capital is USD2.0 billion with shareholders' funds of USD1.24 billion and a 2013 funding programme of USD700 million. AFC is the second highest investment grade-rated multilateral financial institution on the African continent, with an A3 (long term) /P2 (short term) foreign currency debt rating by Moody's Investors Service. AFC's projects: AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN's USD2.0 billion Power and Aviation Intervention Fund (PAIF). AFC is a partner with Vigeo Holdings Limited and Tata Power Delhi Distribution Limited for the acquisition of power distribution assets, and a lead financier in the acquisitions of the Kainji and Ughelli power generation plants in the current Nigerian Government power sector privatisation round. Additionally in Nigeria, AFC made investments to support marginal field operators in the up and mid-stream oil and gas sector companies such as Neconde, FHN and Seven Energy. AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the Kpone IPP project “ a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa's connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. AFC provided a USD50 million convertible debt investment in ARM Cement Limited (ARM), the second largest cement operator in Kenya to support expansion initiatives across Eastern and Southern Africa including; development and construction of a lime plant in Tanzania and expansion of ARM's cement capacity in Kenya. The transaction marked AFC's first bilateral investment in Kenya. AFC provided financing for Ethiopian airlines fleet expansion in the acquisition of Africa's first Boeing 777 airline. AFC also invested in the Bakwena toll road project in South Africa, and in the EURO 270 million Konan Bedie Toll Bridge in Cte d'Ivoire; the signature Transport PPP project in Francophone Africa, underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent. AFC launched a landmark USD15 million project development facility with the Dutch Development Bank FMO in January 2013, to fund early-stage equity investments in projects under development pre-financial close, in the infrastructure sector across sub-Saharan Africa. The AFC has established partnerships with national, regional and international organizations and with sponsors that are active in the infrastructure space in Africa.



  MENA News Headlines
 Nov 29 2015 - Middle East ready for increase in air passenger trafficMENAFN
(MENAFN) The UAE, Qatar, Saudi Arabia, Egypt and Jordan are ready to accomplish a strong 4.9 percent growth in air passenger traffic.The gulf nations will all enjoy strong increase of 5.6 percent, ...

 Nov 29 2015 - MSM Index Drops 127 Points Last WeekQatar News Agency
(MENAFN - Qatar News Agency) Muscat Security Market (MSM) index closed at 5668 points, down by 127 points, constituting 2.2%, down for the fourth consecutive week. The sectoral indices declined, ...

 Nov 29 2015 - German State Aims for 4 Billion-Euro Exports to Saudi Arabia by 2020Qatar News Agency
(MENAFN - Qatar News Agency) The German State of Baden-Wurttemberg will strive to attain over 4 billion euros exports to the Kingdom of Saudi Arabia by 2020, a goal that will double the current ...

 Nov 29 2015 - UAE, Jordan Sign MoU to Enhance Joint Efforts in SMEs and InnovationQatar News Agency
(MENAFN - Qatar News Agency) The UAE Ministry of Economy and the Jordanian Ministry of Industry, Trade and Supplies, have signed a Memorandum of Understanding to increase cooperation between the two ...

 Nov 29 2015 - Militias Fighting Kills 19 in SomaliaQatar News Agency
(MENAFN - Qatar News Agency) At least 19 people were killed Saturday in fighting between rival militias in central Somalia, officials and residents said. The fatalities in the town of Galkayo ...

 Nov 29 2015 - Clashes Erupted between Police and Migrants on Greece-Macedonia BorderQatar News Agency
(MENAFN - Qatar News Agency) Clashes between riot police and migrants angry at being prevented from entering Macedonia from Greece have left up to 40 people injured. Macedonian soldiers raised a new ...

 Nov 29 2015 - Palestinian Shot Dead after Alleged Stabbing AttackQatar News Agency
(MENAFN - Qatar News Agency) A Palestinian was shot dead early Sunday by Israeli soldiers at the entrance of the old city of Jerusalem after allegedly stabbing and injuring an Israeli police . The ...

 Nov 29 2015 - Jordan's Border Guards Receive 51 Syrian RefugeesQatar News Agency
(MENAFN - Qatar News Agency) A total of 51 Syrian refugees from various age groups, entered into the Kingdom of Jordan through various crossing points during the last 72 hours. The Jordanian border ...

 Nov 29 2015 - Qatar- Economy Ministry Recalls 2011-2014 Models of Several Car BrandsQatar News Agency
(MENAFN - Qatar News Agency) The Ministry of Economy and Commerce has announced the recall of 2011-2014 models of Dodge, Chrysler, Jeep, Charger, Challenger 300c and Grand Cherokee, due to a ...

 Nov 29 2015 - Qatargas Shipping Department Wins Prestigious British Safety Council AwardsQatar News Agency
(MENAFN - Qatar News Agency) For the second consecutive year, Qatargas' Shipping Department has won two prestigious awards from the British Safety Council for its commitment to achieving excellent ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help